Thanks to record low inventory and heated competition, home values have been rapidly rising in markets across the country. But according to recent data, it looks like home price growth is finally showing signs of slowing.
According to recent research from Redfin, home sale prices increased just 4.7% in August, capping off six straight months of declines and delivering the lowest price growth in four years.
If you’ve been putting off buying a home because of the intense seller’s market in the US, this is great news—low price growth means you won’t be seeing the dramatic price jumps that have become commonplace in recent years. And as more inventory hits the market (according to the article, in August the number of new homes put on the market was up 3.3% year over year), homes will (finally!) start to become more affordable.